Judit Stadler surveys Hun­yadi Square market’s stalls with a wary eye. The 73-year-old Budapest pensioner is used to scrimping and saving. “The trick is to make sure you always go to the market on a Thursday or Friday,” she says. “The fresh stuff comes on Saturday, so it’s cheaper at the end of the week. You’ve got to be careful, but you can manage.”

Hungarians, like all Europeans, are tightening their belts in response to higher inflation, heightening concerns about consumer spending trends and, in turn, overall economic activity.